Credit as a source of financial resources. Credit as a source of financial resources for an organization

1.2 Main sources of formation financial resources enterprises

Enterprises use a variety of sources of financial resources. The financial stability of the enterprise and the profitability of its production and production depend on the structure of attracted sources. economic activity.

Sources of financial resources are all cash income and receipts that an enterprise or other economic entity has at its disposal in a certain period and which are used to make cash expenses and deductions necessary for production and social development.

The financial resources of enterprises include own, borrowed and attracted funds. It is customary to distinguish between two forms of financing: external and internal. This division is due to the strict connection between the forms of financial resources and the capital of the enterprise, as well as the financing process.

Adequacy own funds is the main condition for providing borrowed funds to an enterprise. Enterprises' own financial resources include profits and depreciation charges. The faster growth rate of equity capital compared to borrowed capital characterizes the rational relationship between these types of financial resources. Characteristics of types of financing are presented in Figure 1.

financing	financing	Internal financing
Equity Financing	1 Financing based on deposits and equity participation (for example, issuing shares, attracting new shareholders)	2 Financing from after-tax profits (self-financing in the narrow sense)
Debt-based financing capital	3 Credit financing (for example, based on loans, advances, bank loans, supplier credits)	4 Borrowed capital formed on the basis of income from sales - contributions to reserve funds (for pensions, for compensation for damage to nature by mining, for paying taxes)
Mixed financing based on equity and debt capital	5 Issue of bonds that can be exchanged for shares, option loans, loans on the basis of profit sharing rights, issue of preferred shares	6 Special items containing part of reserves (i.e., deductions not yet taxable)

Figure 1 - Structure of enterprise financing sources

Own funds are the main sources of financing the activities of the enterprise. If equity capital turns out to be insufficient, then borrowed capital is used to finance financial decisions.

Borrowed funds include loans from commercial banks and other credit institutions, loans.

Raised financial resources include funds raised by issuing shares, budget allocations and funds from extra-budgetary funds, as well as funds from other enterprises and organizations raised for equity participation and for other purposes.

Raised and borrowed funds intended to fulfill the financial obligations of the enterprise, finance current costs and costs associated with the expansion of production. Sources of own financial resources are:

authorized capital(funds from the sale of shares and share contributions of participants);

reserves accumulated by the enterprise;

other legal and individuals(targeted financing, donations, charitable contributions, etc.).

When creating an enterprise, the source of acquisition of fixed assets, intangible assets, working capital is the authorized capital. Due to it, the necessary conditions for carrying out entrepreneurial activities are created. The authorized capital represents the amount of funds provided by the owners to ensure the authorized activities of the enterprise. Contributions to its authorized capital can be cash, material and intangible assets. The authorized capital is formed during the initial investment of funds. The formation of authorized capital may be accompanied by the formation of an additional source of funds - share premium. This source arises when, during the initial issue, shares are sold at a price above their par value. Upon receipt of these amounts, they are credited to additional capital.

In the process of producing products, performing work, or providing services, a new value is created, which is determined by the amount of revenue from sales. Revenue is the main source of reimbursement of funds spent on the production of products (works, services), formation of funds Money, its timely receipt ensures the continuity of the circulation of funds and the uninterrupted operation of the enterprise. From the revenue received, the enterprise reimburses material costs for raw materials, supplies, fuel, electricity, other items of labor, as well as services provided to the enterprise.

Profit as an economic category is net income created by surplus labor. Profit is economic indicator characterizing the financial results of business activities. In addition, through profit the principle of material interest in the process of its distribution and use, as well as the principle of material responsibility, is realized. Finally, the profit remaining at the disposal of the enterprise is a multi-purpose source of financing its needs, but the main directions of its use can be defined as accumulation and consumption. The proportions of profit distribution between accumulation and consumption determine the development prospects of the enterprise.

Unlike depreciation charges, profit does not remain entirely at the disposal of the enterprise; a significant part of it in the form of taxes goes to the budget, which determines another area of financial relations that arise between the enterprise and the state regarding the distribution of the generated net income.

Profit and depreciation are the result of the circulation of funds invested in production and relate to the enterprise’s own financial resources, which they manage independently. Optimal use of depreciation charges and profits for their intended purpose makes it possible to resume production on an expanded basis.

The purpose of depreciation is to ensure the reproduction of basic production assets and intangible assets.

Self-financing is a prerequisite for successful economic activity of enterprises in a market economy. This principle is based on the full recovery of the costs of producing products and expanding the production and technical base of the enterprise; it means that each enterprise covers its current and capital costs from its own sources. The principle of self-financing cannot yet be ensured at enterprises that produce products necessary for consumers with high production costs and do not provide a sufficient level of profitability for various objective reasons. If there is a temporary lack of funds, the need for them can be met through borrowed financial resources.

A promising form of attraction borrowed money on a long-term basis is a bond issued joint stock company for a period of at least one year, as well as the issue of equity securities, bank loans, financial leasing.

Borrowed capital is a part of the capital used by an economic entity that does not belong to it, but is attracted on the basis of banking, commercial loan or an emission loan based on repayment. Borrowed capital characterizes the total volume of financial obligations of the enterprise. In the process of development of an enterprise, as its financial obligations are repaid, the need arises to attract new borrowed funds.

When borrowing funds from a commercial bank, an enterprise enters into a loan agreement with it, which defines the terms of the loan (loan term, terms of its repayment), however, even before concluding the agreement, the enterprise must determine the possibilities of repaying the loan, i.e. evaluate the sources from which it will be repaid. Sources can be both own funds available when taking out a loan, and proceeds from the sale of products. By form of security: unsecured borrowed funds; borrowed funds secured by sureties or guarantees; borrowed funds secured by collateral.

Quite wide opportunities for attraction, especially with a high credit rating of the enterprise, are the presence of collateral or a guarantee from a guarantor. Ensuring the growth of the financial potential of the enterprise if it is necessary to significantly expand its assets and increase the growth rate of the volume of its economic activities. The use of borrowed capital has certain disadvantages: it generates the most dangerous financial risks - the risk of decline financial stability and loss of solvency. The level of these risks increases in proportion to the growth specific gravity use of borrowed capital. Assets formed through borrowed capital generate a lower rate of return, which is reduced by the amount paid loan interest. An enterprise using borrowed capital has a higher financial potential for its development and the possibility of increasing the financial profitability of its activities, but generates a greater degree of financial risk.

We can conclude that increasing the efficiency of an enterprise is impossible only within the framework of its own resources. To expand financial capabilities, it is necessary to attract additional borrowed funds in order to increase investments in your own business and obtain greater profits. In this regard, managing the attraction and effective use of borrowed funds is one of the most important functions of the financier of an enterprise, aimed at ensuring the achievement of high final results of its activities.

Meaning bank loan in the structure of the enterprise's financial resources

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Organization of financial resources of commercial enterprises in modern economic conditions

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Assessing the efficiency of using financial resources of the Kiznersky District Pool organization

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Financial resources of the enterprise

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CONCLUSION

To summarize, we can conclude that bank lending to business activities is a powerful source of financing business activities, ensuring the processes of expanded reproduction in society through the intensification of investment and innovation activities. Therefore, activation of bank lending to the real sector of the economy is an important task economic policy, the solution of which will have a significant socio-economic effect.
However, a number of specific features of the development of entrepreneurship, including small and medium-sized businesses, and difficult internal and external economic conditions for its activities increase the risks of bank lending to business activities. As a result, a gap arises between the need entrepreneurs in loans and ability banking system satisfy her. Under these conditions, the implementation economic role bank lending as a driving force for expanded reproduction is hampered.
This problem can be overcome by improving the forms and methods of bank lending in the direction of coordinating the interests of banks and entrepreneurs, which will create the basis for intensifying bank lending. The work highlights the main direction of such improvement - the expansion of bank lending to small businesses through the provision of blank loans, as well as the inclusion of additional services for the management and monitoring of credited objects.
Credit relations have undergone significant changes in recent decades. Now it is inappropriate to reduce the essence of the concept of a loan to the amount of funds that the lender provides to the borrower on the terms of repayment, payment and urgency. Now it is advisable to define credit as a method of effective management that ensures the continuity of social reproduction processes. The leading place in lending relations belongs to bank credit. Bank lending is the main element of the financial system of any country.
The relationship between bank lending and the economy acquires particular significance in the process of transition to economic development on an innovative basis. The main points of intersection between bank lending and innovative economic development are:
a) long-term bank lending for innovative processes;
b) development and implementation of banking innovations aimed at modernizing lending relations;
c) timely monitoring of the economic situation and highly effective redistribution of resources in favor of priority sectors;
d) support of the object of innovative lending and measures for the commercialization of the innovative product.
The role of a bank loan is realized in practice through its functions and, above all, through the redistribution function, according to which the redistribution of temporarily available funds in the country is carried out. At the same time, the role of credit and, accordingly, bank lending acquires special importance, since in meeting the temporary needs of some economic entities (shipbuilding entities) in additional funds at the expense of temporarily available funds (which are concentrated by banks) of other economic entities. At the same time, it is the specific features of the industry that shape the corresponding lending needs that increase its importance.

INTRODUCTION

Credit relations function in the system economic relations. They are based on the movement of a special type of capital - loan capital. Credit relations are a separate part of economic relations associated with the provision of value (funds) on loan and its return along with a certain percentage.
IN modern economy The boundaries of credit relations are significantly expanding. Credit serves an increasingly large share of commodity flows, replacing traditional commodity-money exchange relations. Credit is necessary as an important means of ensuring financial and economic activities economic entities.
Credit relations combine two subsystems:
1) monetary relations;
2) credit and commodity relations.
The loan can be provided for both monetary and monetary value. ovarian form.
The role and place of credit relations in the national economy depends on the state of the economy itself. Modern credit and credit relations in Ukraine are of a transitional nature; they reflect the crisis state of the domestic economic system.
It is necessary to distinguish between monetary relations, financial relations and credit relations. Monetary relations are the broadest education; they are associated, first of all, with measuring the cost (price) of various goods and services, as well as with making payments for goods and services in non-cash and cash forms. In a market economy, money mediates the movement of the entire system of economic relations, the circulation of all types of capital, and the process of reproduction of the national product.
Financial relations are a part of monetary relations that is associated with the formation, distribution and use of funds to meet the needs of the state, enterprises (firms) and citizens (households). In the reproduction process, financial relations first express distribution relations. The nature and content of financial relations in basic terms is always determined by the nature of monetary relations.
Credit relations are rotating and reimbursable in nature. Distribution and redistribution processes in the economy occur not only through finance, but also through the use of credit. Credit relations are associated with the reproduction of loan capital. The above determines the relevance of the chosen research topic.
The purpose of the work is to study the essence of bank credit, the features of its use in the activities of enterprises and the way of its transformation in providing small enterprises.
To achieve the goal, the following tasks are set:
Determine the essence and necessity of the loan;
Study the forms, types and functions of credit;
To study the essence of a bank loan as a source of formation of working capital of an enterprise and a source of financing energy efficiency projects;
Identify problems and prospects for using bank lending to small businesses;
Determine ways and directions for improving bank lending to small businesses.
The object of the study is banking activity in the field of providing loans.
The subject of the study is a set of theoretical and practical aspects using a bank loan as a source of financing the activities of an enterprise.
During the study, the following were used scientific methods, as analysis, synthesis, generalization method, historical method, deduction.
The practical significance of the work lies in the fact that the study allows us to determine the essence of a bank loan at this stage of development of the economic system, and also allows us to determine possible ways improving bank lending as a source of financing the activities of an enterprise.
The work consists of an introduction, three main sections, each of which contains two paragraphs, a conclusion and a list of references.

INTRODUCTION 3
SECTION 1. THEORETICAL FOUNDATIONS OF BANK CREDIT 6
1.1.The essence and necessity of credit 6
1.2.Functions, forms and types of credit 12
SECTION 2. BANK LOAN AS A SOURCE OF FUNDS FOR THE ENTERPRISE 19
2.1. Bank loan as a source of formation of working capital of an enterprise 19
2.2. Bank loan as a source of financing energy efficiency projects 23
SECTION 3. BANK CREDIT AS A TOOL FOR SMALL BUSINESS DEVELOPMENT 30
3.1.Problems and prospects for lending to small businesses 30
3.2.Improving bank credit as a source of financing for small businesses 40
CONCLUSION 49
REFERENCES 51

LIST OF REFERENCES USED

1. Energy strategy of Ukraine for the period until 2030. Approved by order of the Cabinet of Ministers of Ukraine dated March 15, 2006 No. 145-r. [Electronic resource]. - Access mode: http://search.ligazakon.ua/l_doc2.nsf/link1/ed_2006_03_15/FIN3853A.html#.
2. Andreychuk V.G. Capitalization Agriculture: state and economic regulation of development: [monograph] / Andreychuk V.G. - Nizhyn: LLC V-vo "Aspect - Polygraph", 2007. - 216 p.
3. Batkovsky V. Problems of lending to small businesses / / NBU Bulletin 2013. - No. 4.
4. Beloglazova G.N. Banking. Organization of activities of a commercial bank: textbook / G.N. Beloglazova, L.P. Krolivetskaya. - M.: Yurayt, 2011. - 422 p.
5. Bechko T.P. Concept for the development of bank lending in the agricultural sector / T.P. Bechko // Modern aspects economic development: Collective monograph / Ed. A.A. Nepochatenko, P.K. Byashka. - Kharkov: Publisher "Sochinsky", 2010. - P. 39 - 44.
6. Bechko T.P. Concept for the development of bank lending in the agricultural sector / T.P. Bechko // Modern aspects of economic development: Collective monograph / Ed. A.A. Nepochatenko, P.K. Byashka. - Kharkov: Publisher "Sochinsky", 2010. - P. 39 - 44.
7. Borisova V.A. Directions of economic reproduction of the resource potential of the agro-industrial complex / V.A. Borisova / / Bulletin of the Sumy National Agrarian University. Series “Finance and Credit” - 2008. - No. 2 (25). - P. 236.
8. Varnaly O.S. Small business in Ukraine as a factor regional development: state and prospects / Varnaliy O.S., Pavlyuk A.P. // Current problems of economics. - 2012. - No. 4 (34). - P.64 -73.
9. Golodova Zh.G. Finance and credit: textbook. allowance / Zh.G. Golodova - M.: INFRA-M, 2009. - 448 p.
10. Epifanov A.A. Operations of commercial banks [Text]: textbook. allowance. / A. A. Epifanov, N. G. Maslak, I. V. Salo. - Sumy: ITD "University Book", 2007. - 523 p.
11. Zharikov V.V. Credit risk management: tutorial/ V.V. Zharikov, M.V. Zharikova, A.I. Evseychev. - Tambov: Tamb Publishing House. state tech. University, 2009. - 244 p.
12. Ivanitsky D.A. Financial security and small business / D.A. Ivanitsky // Finance of Ukraine. - 2007. - No. 8. - P.41 - 44.
13. Kuzhel A. Features of state financial support for small and medium-sized businesses at the present stage // Bulletin of the NBU 2013. - No. 9.
14. Lavrushin O.I. Banking management: textbook / O.I. Lavrushin. - M.: Knorus, 2011. - 560 p.
15. Lavrushin O.I. Banking risks: textbook / ed. O.I. Lavrushina, N.I. Valentseva. - 3rd ed., revised. and additional - M.: KNORUS, 2013. - 296 p.
16. Malakhova A. Problems of expansion banking products// Bulletin of TSEU 2012. - No. 3.
17. Nedilko A. Large bank and small business / A. Nedilko / / Banking practice abroad - 2013. - No. 9 (57). - P.36 -39.
18. Oparin V.N. Financial system Ukraine: Theoretical and methodological aspects / V.M. Oparin / Kiev National University. - K.: KNEU, 2012.
19. Oparin V. N. Finance (general theory): textbook. allowance. / V. Oparin. - K.: KNEU, 2012. - 240 s.
20. Results of the pilot study “Financial condition and expectations of the small and medium-sized enterprise sector”. - March 30, 2012 // Analytical Center of SME Bank [Electronic resource]. - Access mode: www.mspbank.ru
21. Beetroot P.Yu. Integrated entrepreneurial structures: development prospects in Ukraine / P.Yu. Buryak. - M.: Logos, 2011. - 564 p.
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1. Credit as a source of financial resources.

When an enterprise needs additional sources of financing, it turns to the bank. Most often this is due to temporary difficulties in ensuring ongoing business activities. As a rule, there are not enough funds to pay bills, taxes, payroll, etc. And even more so, the enterprise has a need to obtain funds from the bank when it comes to large investments in new construction, new technology, and promising valuable assets. paper.

If own capital allows you to ensure financial stability and independence, then a bank loan gives you the opportunity to maneuver resources, accelerates the turnover of capital, and does not divert your own funds to pay off debts.

2. Conditions for issuing a loan.

Financial support for entrepreneurial activity is expressed in obtaining short-term and long-term loans. For loans, people apply to banking institutions, mainly to the bank in which the enterprise has a current account and which carries out settlements and cash transactions for the enterprise.

In order to become a bank client, in particular to open an account, the following documents are required.

2 notarized cards signed by company officials (manager and chief accountant).

Minutes of the meeting of founders.

Temporary registration certificate.

Application for registration.

Help them tax office on the size of extra-budgetary funds for which the enterprise must pay.

After submitting these documents, the manager or chief accountant fills out a standard application for opening an account and servicing. However, applying to a bank for a loan does not always guarantee its receipt. Issuing a loan is a responsible banking operation.

To determine the client's reliability, the following indicators are calculated: profitability, working capital turnover, liquidity, and the amount of accounts payable. These calculations reduce the risk for both the bank and the client.

There are certain conditions for issuing a loan.

The loan must be targeted.

Definition of urgency.

Possibility of returning the amount and percentage.

The bank may stipulate in the loan agreement that the interest rate will change.

The loan agreement must indicate the currency in which funds are received and repaid.

The loan agreement defines the obligation that the loan amount is returned by the person who received the money.

There are loans: short-term (from several days to six months), medium-term (from a year to 2-3 years), long-term (up to 8, 10, 15 years).

The demand for short-term loans is especially high. Registration of short-term loans comes down to the fact that the bank determines the level of solvency and liquidity of the enterprise, draws up a loan agreement and issues a loan. The security of short-term loans assumes that the borrowing company has inventory, shipped products, securities, etc.

Obtaining medium-term loans requires special collateral. Inventories, warehouse premises, goods, and finished products of high quality are used as collateral.

Long-term loans are secured by real estate. Long-term loans are associated with technical re-equipment, construction, and reconstruction. Loans issued for these purposes are called mortgages. All property of the enterprise, including the authorized capital, is secured as collateral.

When receiving a loan, an enterprise strives not to cross the limit of what is permissible, that is, its ability to repay the loan. There are several coefficients that determine the solvency of a company.

K1 = equity / total capital.

K2 = borrowed capital / total capital = 1 - K1.

K3 = (debt capital / equity capital) * 100%.

All capital = own + borrowed capital.

For K1 and K2 there is a certain standard: 40 - 50% (and in the USA - 60%, in Japan - 80%).

Bank interest is a fee for a loan, as well as for receiving money by an enterprise at the appointed time.

Credit happens:

state;

bank;

commercial.

3. The effect of financial leverage.

Let's find the return on equity for both enterprises.

r personal A = (200 / 1000) * 100% = 20%

r personal B = (125 / 500) * 100% = 25%

Effect of financial leverage = r personal. B - r sob. A = 25% - 20% = 5%.

The effect of financial leverage works in conditions of short-term credit.

Transactions with securities.

Types of securities.

Income from securities.

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CONCLUSION

Introduction

INTRODUCTION

Credit relations operate in a system of economic relations. They are based on the movement of a special type of capital - loan capital. Credit relations are a separate part of economic relations associated with the provision of value (funds) on loan and its return along with a certain percentage.
In the modern economy, the boundaries of credit relations are significantly expanding. Credit serves an increasingly large share of commodity flows, replacing traditional commodity-money exchange relations. Credit is necessary as an important means of ensuring the financial and economic activities of economic entities.
Credit relations combine two subsystems:
1) monetary relations;
2) credit and commodity relations.
The loan can provide value in both monetary and commodity form.
The role and place of credit relations in the national economy depends on the state of the economy itself. Modern credit and credit relations in Ukraine are of a transitional nature; they reflect the crisis state of the domestic economic system.
It is necessary to distinguish between monetary relations, financial relations and credit relations. Monetary relations are the broadest education; they are associated, first of all, with measuring the cost (price) of various goods and services, as well as with making payments for goods and services in non-cash and cash forms. In a market economy, money mediates the movement of the entire system of economic relations, the circulation of all types of capital, and the process of reproduction of the national product.
Financial relations are a part of monetary relations that is associated with the formation, distribution and use of funds to meet the needs of the state, enterprises (firms) and citizens (households). In the reproduction process, financial relations first express distribution relations. The nature and content of financial relations in basic terms is always determined by the nature of monetary relations.
Credit relations are rotating and reimbursable in nature. Distribution and redistribution processes in the economy occur not only through finance, but also through the use of credit. Credit relations are associated with the reproduction of loan capital. The above determines the relevance of the chosen research topic.
The purpose of the work is to study the essence of bank credit, the features of its use in the activities of enterprises and the way of its transformation in providing small enterprises.
To achieve the goal, the following tasks are set:
Determine the essence and necessity of the loan;
Study the forms, types and functions of credit;
To study the essence of a bank loan as a source of formation of working capital of an enterprise and a source of financing energy efficiency projects;
Identify problems and prospects for using bank lending to small businesses;
Determine ways and directions for improving bank lending to small businesses.
The object of the study is banking activity in the field of providing loans.
The subject of the study is a set of theoretical and practical aspects of using a bank loan as a source of financing the activities of an enterprise.
During the research, such scientific methods as analysis, synthesis, generalization method, historical method, and deduction were used.
The practical significance of the work lies in the fact that the study allows us to determine the essence of bank credit at this stage of development of the economic system, and also allows us to determine possible ways to improve bank lending as a source of financing the activities of an enterprise.
The work consists of an introduction, three main sections, each of which contains two paragraphs, a conclusion and a list of references.

Fragment of work for review

Payment procedure established by law wages workers and employees, as a result of which in the turnover of enterprises, institutions, organizations there are constantly funds in the form of arrears of wages, which can be temporarily invested and accumulated in bank accounts;
- Free money supply among the population in the form of cash savings in bank accounts10.
An effective method of forecasting, issuing, using and repaying loans is the borrowers' compliance with the principles of bank lending.
When concluding loan agreements, banks use them to prevent the growth of risks from credit operations. Isolated application of lending principles from the general theory of credit leads to a decrease in the effectiveness of bank loans and an increase in the risk of non-repayment.
Priority measures to support production entities and overcome the negative impact of the global financial crisis is the use of preferential lending at a rate not exceeding the discount rate central bank, receiving subsidies and subventions from budgets of different levels to reduce the cost of strategic material assets for production.
Credit risk management is the most pressing problem that requires further theoretical research in the context of preventing their occurrence and minimizing their impact on the bank lending process. During the global financial crisis, the level of credit risk of domestic banks reached its peak.
The growth of problem loans largely depends on the failure of borrowers to fulfill the terms of loan agreements as a result of unskilled and unprofessional activities of banking specialists and financial abuse in the credit services market. This leads to growth credit risks, deterioration in the quality of loan portfolios. An increase in the share of overdue and doubtful loans in the loan portfolio leads to the loss of part of the value of the collateral, and the profitability of banking institutions decreases. Banking institutions are forced to increase the volume of reserves to compensate for possible losses on credit operations, which negatively affects the results of their activities. When lending, banking institutions do not have local information about the financial condition of the borrower, his financial and property status. When issuing a loan, banks are mainly guided by the financial condition and the availability of insured collateral of the borrower that can ensure repayment of the loan. At the same time, information about the condition of the borrower’s property pledged to another financial institution is impossible to obtain due to its confidentiality.
2.2. Bank loan as a source of financing energy efficiency projects
The term “financing” characterizes all measures aimed at covering the capital needs of an enterprise, which include the mobilization of financial resources (cash, cash equivalents and property assets), their return, as well as the relations between the enterprise and capital providers that follow from this (payment relations , control and support)11. Volumes of financial resources that are directed in one direction or another economic activity, largely depend on the efficiency of resource use, by which we mean the relationship between costs and results obtained. Efficiency, in turn, depends on the adequacy of the forms and methods of financing the specifics of the financing object. The variety of needs for financial resources determines a large number of forms and methods of financing, which together make up the financing system.
Traditionally, the main forms of financing are classified according to the following criteria:
a) depending on the purposes of financing;
b) by sources of capital income.
Since the purpose of financing in our study is to provide resources to finance enterprise energy efficiency projects (EEI), we will focus on the classification of forms of financing depending on the sources of capital.
The most common division of sources of financing for PPEP is their division into internal and external resources. The use of internal resources - the enterprise's own funds - is quite common in world practice. In France, for example, PES, which have a quick payback, are financed by enterprises. Larger projects with a long payback period, financed by the government12.
Enterprises' own funds, namely depreciation charges and planned profits, should be predominantly the cheapest and most reliable and accessible source of financing for short-term PPEP.
Despite the fairly wide list of possible sources and methods of financing PES, the possibilities of attracting funds from various sources, especially in countries with economies in transition, are limited. Thus, the need for funding volumes for energy efficiency projects is quite high, while the actual volumes are much smaller.
In addition, not all sources of PES funding may be used. Table 2.1 presents a rating of opportunities to attract financing from individual sources in such countries of the former socialist camp as Hungary, the Czech Republic, Poland, Russia, Ukraine, Romania, Bulgaria.
Table 1.
Rating of the possibility of attracting financing from various sources in individual countries13
A country
Hungary
Czech
Poland
Russia
Ukraine
Romania
Bulgaria
Local banks
4*
4
4
2
2
2
2
Foreign banks
4
4
4
2
1
2
2
ESCO
4
3
2,5
1
1
2,5
2,5
Public private partnership
3
4
4
2
2
2,5
2
National funds
3
3
3
1,5
1,5
2
2
* 4 – the market is developed, 1 – the possibility of using the resource is very small
From the data in Table 1 it is clear that the varying degrees of availability of resources from various sources is directly related to the level of development of market relations and the structure of the financial system. Thus, in Hungary, the Czech Republic, and Poland, the opportunities to use the resources of banks or national funds, or to create public-private partnerships to finance PPES are almost twice as high as similar opportunities in Ukraine, Russia, Romania, and Bulgaria.
In addition, the data in Table 1 shows that bank lending, public-private partnerships and ESCOs (in Hungary) have the highest rating among all sources of financing. This gives reason to assume that in Russia, key attention should be paid to the development of precisely these sources of financing for PPEP, which at the current stage have a low rating, and therefore have significant potential for development.
Taking into account the limited possibilities of financing from the state budget, the lack of enterprises’ own funds if they need significant amounts of financing for PES, one of the main directions of state financial support for PES should be the stimulation of bank lending, in particular, on the principles of public-private partnership and using international funds financial organizations.
To justify the significant role and place of bank lending in the PES financing system, we will proceed from the essence of lending, which is manifested in its functions. The economic encyclopedia edited by S.V. Mocherny notes that a loan is a loan in cash or commodity form on the terms of repayment within a certain period with the payment of interest14. Credit ensures the transformation of money capital into loan capital and expresses the relationship between lenders and borrowers. With its help, free cash capital and income of enterprises, citizens and the state are accumulated, turning into loan capital, which is transferred for a fee for temporary use.
Now within economic science There are two directions in the development of lending theory. The first - naturalistic theory - interprets credit relations and operations only as a way of redistributing commodity values, and its supporters believe that credit cannot create capital, but only acts as a form of its movement from the lender to the borrower. The second theory (capital-forming) is based on the assumption that credit agreements not only transfer, but also create credit capital, and therefore play a very important role in the economy. In domestic scientific thought, these approaches to the essence of credit operations are reflected in the redistribution and reproduction functions of credit, although the list of credit functions also includes saving distribution costs; acceleration of concentration and centralization of capital; regulation.
The redistribution concept considers lending as a process of redistribution of temporarily free assets, and supporters of this category define “credit” as a redistribution category that concerns not only one phase of social reproduction, but also all reproduction.
The reproducing concept considers lending as an integral part of the entire reproduction process. Proponents of this concept call the loan itself a reproduced category concerning the placement of temporarily free funds with initial accumulation.
Academician A. A. Chukhno considers the first interpretation of the essence and role of credit to be quite limited. Since the redistribution function comes first, the sphere of distribution relations is recognized as one of the most important spheres public relations. Whereas, although distribution plays an important role, it is the sphere of production that plays a decisive role in the development of social production15. According to A. A. Chukhno, one of the main reasons for the restrictive interpretation of credit and its role in economic development is that it is considered as a stable category that does not develop and remains almost the same regardless of the degree of socio-economic progress.
In our work, we examine bank lending to PES enterprises that are in the monetary form of industrial lending with the participation of banks. Since the borrowers in our study are enterprises selling PES, lending should be carried out taking into account the specifics of the latter’s activities. On the other side, credit funds in one form or another provided by banks using appropriate banking tools and technologies, has an equally significant impact on the PES lending process. And finally, in this process the essence of lending as an economic category must be preserved. Based on this, bank lending of PES to enterprises can be characterized as the process of functioning relations between banks and enterprises regarding the provision, use for the purpose of improving energy efficiency and return of funds on the principles of payment, urgency, security, repayment and voluntariness.
For an effective PES bank lending process, both the bank and the enterprise must agree on the loan volume, terms, availability of insurance and guarantees. In this context, it is important to study the relevant types of loans, including project and venture lending, financial leasing, and franchising. Such types of short-term lending as microcredit, overdraft, factoring, credit line, bill lending is not entirely suitable for financing such large-scale and long-term projects as PPE. Although in some cases, short-term forms of lending can also be used to finance small and medium-sized enterprises planning to use or produce energy-saving equipment.
A fairly common type of bank lending to PES in industry, the housing sector, and construction is the cooperation of banks and energy service companies (ESCOs), which provide financing based on the use of their own funds, bank loans and funds from other institutions, parties (banks, financial institutions, leasing companies), They also carry out energy surveys and offer energy-efficient technologies and activities. This lending method is most often used when there is a lack of working capital of the enterprise or when there is a limited possibility of obtaining a loan directly from the bank.
In general, loans allocated for improving energy efficiency can be divided into the following types:
1. Depending on the size: small, medium, large.
2. Depending on the purpose: industrial, investment, agricultural.
3. Depending on the number of participants: simple - one lender, syndicated - several lenders.
4. Depending on the period of provision: short-term, medium-term, long-term.
5. Dependencies interest rate: fixed, floating.
In practice, banks are very cautious when it comes to lending to such complex, risky and large projects as PES.
The form of financing for infrastructure investment projects is donor grants provided to cities and enterprises participating in international technical assistance projects whose tasks include this. Since the grant is non-repayable targeted funding, the allocation of funds within the grants for financing the PPEP is extremely limited and is mainly aimed at financing small demonstration projects and/or conducting pre-project studies.
Despite the potential power of such a source of financing as the resources of international financial organizations and foreign banks, the unsatisfactory financial condition of the vast majority of enterprises in conditions of political and economic instability add credit risks and neutralize the interest in providing loans to enterprises from foreign banks. In addition, since enterprises receive their income in rubles, there are currency risks due to losses from exchange rate differences, the reimbursement of which by tariffs for services is directly prohibited by legislation on tariff formation.
SECTION 3. BANK CREDIT AS A TOOL FOR SMALL BUSINESS DEVELOPMENT
3.1.Problems and prospects for small business lending
Comprehensive penetration of small businesses into economic system is a necessary condition for the transition of the economy to market relations, effective restructuring of production, solving employment problems, and increasing the standard of living of the population. Without the development of small business, it is impossible to form a middle class, which is a reliable foundation of a democratic society.
At the same time, today there is an acute problem of financial and credit support for small businesses, which is one of the primary factors hindering the development of small businesses. In recent years, banks, when implementing active operations We are faced with the problem of a relatively limited volume of loan portfolios - there are not enough potentially solvent clients. This led to a reorientation credit activities banks in the area of lending to small businesses. The existing practice of microcredit has shown that, despite the significant credit risk that the bank takes on when lending to this sector of the economy, small businesses can become one of the main objects of active operations of banks.
The dynamics of the volume of bank credit investments in economic development and the share of loans provided to small businesses indicate their significant growth. Significant changes are also taking place in the structure of the loan portfolio. In particular, the share of long-term loans provided to small businesses, which indicates positive changes in the domestic market of long-term loans provided to small businesses16.
Today, large domestic banks provide loans to small businesses also at their own expense, gradually abandoning the resources of foreign credit lines. In this process, it is worth noting the trend towards rapid growth in the volume of credit investments in small businesses at the expense of banks’ own funds.
The general trend that can be seen in the small business lending market is an increase in lending volumes, a change in the structure of loan portfolios and an increase in the share of loans provided to small businesses at the expense of banks’ own funds. A clear trend towards an increase in the volume of lending to small businesses and individuals - business entities - does not exclude the presence of a number of problems, the solution of which will ensure optimal conditions for the provision of bank loans and minimize the bank’s credit risk.
In our opinion, in order to study and systematize the problems existing in this area, it is advisable to classify them by level of occurrence: problems arising at the macro- and microeconomic level. The problems that arise at the macroeconomic level include problems of legislative and regulatory support financial activities small businesses, in particular, credit support for small businesses. So, there are problems of creating institutional motivation for attracting banks to lend to small businesses and reducing the risk of loan default when lending to this sector of the economy. A complex of factors laid down at the legislative level restrains the pace and procedures for carrying out banking operations in the small business sector. What is needed is a reliable system of credit risk insurance, under which banks would have the right to indisputably write off the amounts of non-repaid loans from the accounts of insurance companies17.
The fundamental problem of bank lending to small businesses is the lack of a flexible system of guarantee funds using funds from state, local and municipal budgets, as well as international funds financial institutions, would make it possible to mobilize assets and resources at the central and regional levels in order to provide loans for small businesses, a preferential tax regime for the profits of banks lending to small businesses.
A negative factor in the financial support system today is the insufficient level of development of related markets, which infrastructurally serve potentially risky small business lending procedures. First of all, this concerns leasing and insurance markets. Therefore, taking into account global and domestic experience, it is necessary to introduce pilot projects based on the latest technologies for providing leasing services and insurance of risks of lending to small businesses, attracting financial resources of the state to the implementation of leasing schemes targeted programs and international financial organizations.
Problems of a microeconomic nature include the presence of a certain set of negative factors inherent at the level regulatory documents, which, in turn, require a comprehensive regulatory settlement, for example, regarding technologies and procedures for lending to small businesses. The issue of simplifying collateral verification and assessment procedures has not been resolved at the regulatory level financial condition recipient of a small loan, which significantly reduces the level of efficiency of bank lending. In our opinion, the procedures for bank lending to small businesses are also complicated by high tariffs for the services of notarization of pledge agreements and real estate purchase and sale agreements. When lending to small businesses in conditions of inflation, the bank must be able to prevent inflation risks. For this purpose, it is necessary to provide for a procedure for changing conditions at the regulatory level loan agreement in the event of force majeure circumstances.
The resource base for lending is of decisive importance for the bank’s successful lending activities. Therefore, it is advisable to begin considering the problems of lending to small businesses that arise at the bank level with its resource base. As for lending to small businesses, as noted above, it can be carried out at the expense of the bank’s own funds or at the expense of international financial organizations18.

Bibliography

LIST OF REFERENCES USED

1. Energy strategy of Ukraine for the period until 2030. Approved by order of the Cabinet of Ministers of Ukraine dated March 15, 2006 No. 145-r. [Electronic resource]. - Access mode: http://search.ligazakon.ua/l_doc2.nsf/link1/ed_2006_03_15/FIN3853A.html#.
2. Andreychuk V.G. Capitalization of agriculture: state and economic regulation of development: [monograph] / Andreychuk V.G. - Nizhyn: LLC V-vo "Aspect - Polygraph", 2007. - 216 p.
3. Batkovsky V. Problems of lending to small businesses / / NBU Bulletin 2013. - No. 4.
4. Beloglazova G.N. Banking. Organization of activities of a commercial bank: textbook / G.N. Beloglazova, L.P. Krolivetskaya. – M.: Yurayt, 2011. – 422 p.
5. Bechko T.P. Concept for the development of bank lending in the agricultural sector /T.P. Bechko // Modern aspects of economic development: Collective monograph / Ed. A.A. Nepochatenko, P.K. Byashka. - Kharkov: Publisher "Sochinsky", 2010. - P. 39 - 44.
6. Bechko T.P. Concept for the development of bank lending in the agricultural sector / T.P. Bechko // Modern aspects of economic development: Collective monograph / Ed. A.A. Nepochatenko, P.K. Byashka. - Kharkov: Publisher "Sochinsky", 2010. - P. 39 - 44.
7. Borisova V.A. Directions of economic reproduction of the resource potential of the agro-industrial complex / V.A. Borisova / / Bulletin of the Sumy National Agrarian University. Series “Finance and Credit” - 2008. - No. 2 (25). - P. 236.
8. Varnaly O.S. Small business in Ukraine as a factor of regional development: state and prospects / Varnaliy O.S., Pavlyuk A.P. // Current problems of economics. - 2012. - No. 4 (34). - P.64 -73.
9. Golodova Zh.G. Finance and credit: textbook. allowance / Zh.G. Golodova - M.: INFRA-M, 2009. - 448 p.
10. Epifanov A.A. Operations of commercial banks [Text]: textbook. allowance. / A. A. Epifanov, N. G. Maslak, I. V. Salo. - Sumy: ITD "University Book", 2007. - 523 p.
11. Zharikov V.V. Credit risk management: textbook / V.V. Zharikov, M.V. Zharikova, A.I. Evseychev. – Tambov: Tamb publishing house. state tech. univ., 2009. – 244 p.
12. Ivanitsky D.A. Financial security and small business / D.A. Ivanitsky // Finance of Ukraine. - 2007. - No. 8. - P.41 - 44.
13. Kuzhel A. Features of state financial support for small and medium-sized businesses at the present stage // Bulletin of the NBU 2013. - No. 9.
14. Lavrushin O.I. Banking management: textbook / O.I. Lavrushin. – M.: Knorus, 2011. – 560 p.
15. Lavrushin O.I. Banking risks: textbook / ed. O.I. Lavrushina, N.I. Valentseva. – 3rd ed., revised. and additional – M.: KNORUS, 2013. – 296 p.
16. Malakhova A. Problems of expanding banking products // Bulletin of TSUE 2012. - No. 3.
17. Nedilko A. Large bank and small business / A. Nedilko / / Banking practice abroad - 2013. - No. 9 (57). - P.36 -39.
18. Oparin V. N. Financial system of Ukraine: Theoretical and methodological aspects / V. M. Oparin / Kiev National University. - K.: KNEU, 2012.
19. Oparin V. N. Finance (general theory): textbook. allowance. / V. Oparin. - K.: KNEU, 2012. - 240 s.
20. Results of the pilot study “Financial condition and expectations of the small and medium-sized enterprise sector”. - March 30, 2012 // Analytical Center of SME Bank [Electronic resource]. – Access mode: www.mspbank.ru
21. Beetroot P.Yu. Integrated entrepreneurial structures: development prospects in Ukraine / P.Yu. Buryak. - M.: Logos, 2011. - 564 p.
22. Beetroot P.Yu. Entrepreneurship: financial and legal support. Textbook Benefit / P.Yu. Buryak. - M.: LDFEI, 2003. – 288 p.
23. Chukhno A.A. Modern commodity-credit economy / A. A. Chukhno / / Finance of Ukraine. - 2012. - No. 1. - P. 43-49.
24. Economic encyclopedia / [B. D. Gavrylishin, O. A. Ustenko and others.; edited by S.V. Mocherny]. - M.: Publishing house. Center "Academy", 2013. - 397s
25. Priority directions of energy saving policy in France [Electronic resource]. - Access mode: http://biodiesel-ua.com/blog/?p=20704.
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Of particular importance in the context of increasing the competitiveness of commercial banks, gaining competitive advantages in certain market segments is expanding the range of banking products and increasing their importance for those small businesses that introduce innovations. This will create a new system of relations between banks and enterprises, increase the efficiency of bank credit investments in general and the creditworthiness and financial stability of potential debtors in particular.
High competition for banking market forces banks to expand the range of credit services, improve their quality, and apply new types of loans in their practice, which are quite highly profitable and consistently profitable operations.
The more diverse the range of credit services, the more stable the bank’s position in the market, given the significant competition. The range of credit services includes:
- Separate targeted loans, which are one-time in nature and are intended to serve specific types business transactions(production, trade and intermediary, export-import or other purposes);
- A credit line, which provides for the possibility of providing loans to a client for a certain time within a pre-agreed limit;
- Overdraft, in which, if the client has a need, the bank automatically allows a debit balance to appear on the current account;
- Factoring, which involves the bank purchasing from the borrower the right to receive debt from the buyer for the inventory items supplied to him;
- REPO operation, which provides for the purchase by the bank of certain assets with the obligation to sell them under certain conditions;
- Accounting for bills of exchange is an early payment to a business entity of the amount due on the bill of exchange with subsequent receipt from the debtor by resale of the bill of exchange to a third party;
- Avalization of bills, that is, the bank’s obligation to pay a bill instead of the payer on this bill in the event of his insolvency.
Each of these types of loans has a specific mechanism for issuing and repaying the loan, regulating the debt limit, ways of organizing current and subsequent control, and each can be useful to the enterprise in a given situation.
The types of credit products that banks must offer to small businesses also depend on their business activities. In the production sector, it is effective to use: overdraft; REPO transactions with goods; credit line; investment lending. In retail trade: overdraft; factoring. In the service sector: overdraft; factoring; project financing. In transport: investment lending. In agriculture: urgent loan; REPO transactions with goods; project financing.
The expansion of the range of banking credit services should be accompanied by: an increase in accompanying banking services for small businesses (individual work of a commercial bank as a consulting partner with clients, provision of information services); the introduction of a combined form of lending provides ample opportunities for enterprises to maneuver attracted resources; “Service bundling”, that is, combining complementary services into so-called packages. Moreover, sometimes such packages include not only banking, but also some non-banking services (for example, a loan is combined with insurance, etc.). It is also widespread in banking institutions cross-selling is aimed at turning a casual client into a regular one, encouraging the client to purchase as many services as possible; inclusion in the portfolio of banking products for small businesses, initial public offerings of shares, investment consulting, a variety of services for international payments, checking the status of accounts from workplaces; improving services for small businesses, their maintenance, assigning small businesses their own managers who act as financial advisors and consultants on project management and business management; introduction in the practice of commercial banks of a system of preferential lending for the development of high-tech industries and the introduction of innovation.
An important method of selling financial products to small customers is Internet banking. Each entrepreneur, instead of visiting a bank, for example, to obtain a loan, can find information on the bank’s website, select the type of loan, or send a preliminary request to their consultant. Information technology makes it possible to create a database that stores various comments for each client, which helps the consultant speed up his work and provide more specific advice; he can dynamically exchange information and ideas with clients.
A fairly new banking product, especially in the national market, is a loan to innovatively active small businesses based on a financial analysis of their activities, a drawn up business plan, instead of collateral requirements, the so-called blank loan. The bank must organize the work of experts to evaluate ideas and business plans. Although the problem for banks when providing such loans is the low level of qualifications of management and finance personnel at the smallest enterprises, their documentation, in particular business plans.
There are two ways for the bank to solve this problem. The first is to teach the entrepreneur professional business planning. The second is when the bank itself is interested in lending profitable project, especially if it contains an innovative component and brings the business plan of a small enterprise to the required level with the help of its analysts, consultants, and experts. Both the first and second ways provide for the creation by the bank of special services, which, when providing such loans, carried out an examination of business plans, provided specific services to entrepreneurs: technical, legal, legal, economic, organizational, and monitored and monitored the development of small businesses.
Active positioning of banks in the market of credit services for innovatively active small businesses requires certain changes in the field of bank management, the implementation of a significant amount of work to plan the future needs of clients in information technology, as well as changes in marketing policy. Banks need to take into account that competitive advantages are achieved not only through the high quality of services provided, but also in other ways - effective marketing policies, effective advertising. The development of partnerships with small businesses also requires banks to carry out many promotional campaigns.
To fully meet the needs of innovatively active small businesses, it is necessary to constantly determine the list of services that are in greatest demand and can positively affect the competitiveness of clients, as well as predict the situation in the banking market.
Both partners benefit from bank lending to innovative small businesses and the introduction of new high-quality financial and credit services. Enterprises will be able to increase investments, implement innovative projects, strengthen and develop their businesses, which means that the volume of their transactions will increase and lending to small businesses will become less risky. Subsequently, banks will be able to increase their lending volumes, diversify their activities and earn greater profits. In general, this will have a positive impact on the development of the national economy.

CONCLUSION

To summarize, we can conclude that bank lending to business activities is a powerful source of financing business activities, ensuring the processes of expanded reproduction in society through the intensification of investment and innovation activities. Therefore, the activation of bank lending to the real sector of the economy is an important task of economic policy, the solution of which will have a significant socio-economic effect.
However, a number of specific features of the development of entrepreneurship, including small and medium-sized businesses, and difficult internal and external economic conditions for its activities increase the risks of bank lending to business activities. As a result, a gap arises between the need of entrepreneurs for loans and the ability of the banking system to satisfy it. Under these conditions, the implementation of the economic role of bank lending as a driving force for expanded reproduction becomes difficult.
This problem can be overcome by improving the forms and methods of bank lending in the direction of coordinating the interests of banks and entrepreneurs, which will create the basis for intensifying bank lending. The work highlights the main direction of such improvement - the expansion of bank lending to small businesses through the provision of blank loans, as well as the inclusion of additional services for the management and monitoring of credited objects.
Credit relations have undergone significant changes in recent decades. Now it is inappropriate to reduce the essence of the concept of a loan to the amount of funds that the lender provides to the borrower on the terms of repayment, payment and urgency. Now it is advisable to define credit as a method of effective management that ensures the continuity of social reproduction processes. The leading place in lending relations belongs to bank credit. Bank lending is the main element of the financial system of any country.
The relationship between bank lending and the economy acquires particular significance in the process of transition to economic development on an innovative basis. The main points of intersection between bank lending and innovative economic development are:
a) long-term bank lending for innovative processes;
b) development and implementation of banking innovations aimed at modernizing lending relations;
c) timely monitoring of the economic situation and highly effective redistribution of resources in favor of priority sectors;
d) support of the object of innovative lending and measures for the commercialization of the innovative product.
The role of a bank loan is realized in practice through its functions and, above all, through the redistribution function, according to which the redistribution of temporarily available funds in the country is carried out. At the same time, the role of credit and, accordingly, bank lending is of particular importance, since it is necessary to satisfy the temporary needs of some economic entities (shipbuilding entities) for additional funds at the expense of temporarily available funds (which are concentrated by banks) of other economic entities. At the same time, it is the specific features of the industry that shape the corresponding lending needs that increase its importance.

LIST OF REFERENCES USED

Bechko T.P. Concept for the development of bank lending in the agricultural sector / T.P. Bechko // Modern aspects of economic development: Collective monograph / Ed. A.A. Nepochatenko, P.K. Byashka. - Kharkov: Publisher "Sochinsky", 2010. - P. 39 - 44.

Lavrushin O.I. Banking management: textbook / O.I. Lavrushin. – M.: Knorus, 2011. – 560 p.
Epifanov A.A. Operations of commercial banks [Text]: textbook. allowance. / A. A. Epifanov, N. G. Maslak, I. V. Salo. - Sumy: ITD "University Book", 2007. - 523 p.
Beloglazova G.N. Banking. Organization of activities of a commercial bank: textbook / G.N. Beloglazova, L.P. Krolivetskaya. – M.: Yurayt, 2011. – 422 p.
Golodova Zh.G. Finance and credit: textbook. allowance / Zh.G. Golodova - M.: INFRA-M, 2009. - 448 p.
Zharikov V.V. Credit risk management: textbook / V.V. Zharikov, M.V. Zharikova, A.I. Evseychev. – Tambov: Tamb publishing house. state tech. univ., 2009. – 244 p.
Oparin V. N. Financial system of Ukraine: Theoretical and methodological aspects / V. M. Oparin / Kiev National University. - K.: KNEU, 2012.
Borisova V.A. Directions of economic reproduction of the resource potential of the agro-industrial complex / V.A. Borisova / / Bulletin of the Sumy National Agrarian University. Series “Finance and Credit” - 2008. - No. 2 (25). - P. 236.
Bechko T.P. Concept for the development of bank lending in the agricultural sector / T.P. Bechko // Modern aspects of economic development: Collective monograph / Ed. A.A. Nepochatenko, P.K. Byashka. - Kharkov: Publisher "Sochinsky", 2010. - P. 39 - 44.
Andreychuk V.G. Capitalization of agriculture: state and economic regulation of development: [monograph] / Andreychuk V.G. - Nizhyn: LLC V-vo "Aspect - Polygraph", 2007. - 216 p.
Bechko T.P. Concept for the development of bank lending in the agricultural sector / T.P. Bechko // Modern aspects of economic development: Collective monograph / Ed. A.A. Nepochatenko, P.K. Byashka. - Kharkov: Publisher "Sochinsky", 2010. - P. 39 - 44.
Oparin V.N. Finance (general theory): textbook. allowance. / V. Oparin. - K.: KNEU, 2012. - 240 s.
Priority directions of energy saving policy in France [Electronic resource]. - Access mode: http://biodiesel-ua.com/blog/?p=20704.
Energy strategy of Ukraine for the period until 2030. Approved by order of the Cabinet of Ministers of Ukraine dated March 15, 2006 No. 145-r. [Electronic resource]. - Access mode: http://search.ligazakon.ua/l_doc2.nsf/link1/ed_2006_03_15/FIN3853A.html#.
Economic Encyclopedia / [B. D. Gavrylishin, O. A. Ustenko and others.; edited by S.V. Mocherny]. - M.: Publishing house. Center "Academy", 2013. - 397s
Chukhno A.A. Modern commodity-credit economy / A. A. Chukhno / / Finance of Ukraine. - 2012. - No. 1. - P. 43-49.
Varnaly O.S. Small business in Ukraine as a factor of regional development: state and prospects / Varnaliy O.S., Pavlyuk A.P. // Current problems of economics. - 2012. - No. 4 (34). - P.64 -73.
Beetroot P.Yu. Entrepreneurship: financial and legal support. Textbook Benefit / P.Yu. Buryak. - M.: LDFEI, 2003. – 288 p.
Nedilko A. Large bank and small business / A. Nedilko / / Banking practice abroad - 2013. - No. 9 (57). - P.36 -39.
Ivanitsky D.A. Financial security and small business / D.A. Ivanitsky // Finance of Ukraine. - 2007. - No. 8. - P.41 - 44.
Beetroot P.Yu. Integrated entrepreneurial structures: development prospects in Ukraine / P.Yu. Buryak. - M.: Logos, 2011. - 564 p.
Results of the pilot study “Financial condition and expectations of the small and medium-sized enterprise sector”. - March 30, 2012 // Analytical Center of SME Bank [Electronic resource]. – Access mode: www.mspbank.ru
Kuzhel A. Features of state financial support for small and medium-sized businesses at the present stage // Bulletin of the NBU 2013. - No. 9.
Lavrushin O.I. Banking risks: textbook / ed. O.I. Lavrushina, N.I. Valentseva. – 3rd ed., revised. and additional – M.: KNORUS, 2013. – 296 p.
Batkovsky V. Problems of lending to small businesses // NBU Bulletin 2013. - No. 4.
Malakhova A. Problems of expanding banking products / / Bulletin of TSUE 2012. - No. 3.
Thin M.N. Methodological basis for managing credit risk in a commercial bank / M.N. Thin. – M.: Moscow, 2008. [Electronic resource]. – Access mode: http://www.finrisk.ru/article/totskiy/totskiy2.html.

LIST OF REFERENCES USED

1. Energy strategy of Ukraine for the period until 2030. Approved by order of the Cabinet of Ministers of Ukraine dated March 15, 2006 No. 145-r. [Electronic resource]. - Access mode: http://search.ligazakon.ua/l_doc2.nsf/link1/ed_2006_03_15/FIN3853A.html#.
2. Andreychuk V.G. Capitalization of agriculture: state and economic regulation of development: [monograph] / Andreychuk V.G. - Nizhyn: LLC V-vo "Aspect - Polygraph", 2007. - 216 p.
3. Batkovsky V. Problems of lending to small businesses / / NBU Bulletin 2013. - No. 4.
4. Beloglazova G.N. Banking. Organization of activities of a commercial bank: textbook / G.N. Beloglazova, L.P. Krolivetskaya. – M.: Yurayt, 2011. – 422 p.
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dissertation in the discipline of enterprise economics

Ontopic:FinancialresourcesenterprisesnutritionAndhotels,sourcesformation,AndroleVrasorbitsenterprises

financeNew Resource Planning Resistance

Introduction

1. Concept of finance

2. Essence and formation of financial resources

2.1 Own financial resources

2.2 Borrowed and attracted financial resources

3. The role of financial resources in financial planning of an enterprise

4. Analysis of the financial sustainability of a catering enterprise using the example of the club-restaurant "Informal"

Annex 1

Appendix 2

Appendix 3

Bibliography

INdo

As a result of the functioning of any enterprise in modern market conditions interested in a wide range of market participants who seek to assess the effectiveness of the enterprise. As we know, profit is the main source of enterprise development and increased income growth. To achieve this goal, it is necessary to solve a number of problems related to the formation of financial resources and determination of directions for their use, the selection of rational forms and methods of financing organizations, the determination of the optimal structure and cost of their capital, and the need to plan the financial results of enterprises.

In this regard, financial condition is the most important characteristic of the financial activity of an enterprise. It determines the competitiveness of the enterprise and its potential in business cooperation, and is a guarantor of the effective implementation of the economic interests of all participants in financial relations: both the enterprise itself and its partners.

Effective enterprise management lies in the ability to rationally manage the financial resources of the enterprise. The right combination of principles and technologies contributes to the stable development of the organization and improvement of its financial condition.

The main tool for assessing the financial condition of an enterprise the financial analysis serves, with the help of which you can objectively evaluate and external relations of the subject are analyzed: descriptions of solvency and liquidity, efficiency and profitability of activities, development prospects, and then make informed decisions based on its results.